A decision on whether to introduce a limit is expected before August, which was mentioned by McArthur when he addressed the Gambling-Related Harm All Party Parliamentary Group (APPG).

Share prices fell from British operators in response to the news, with William Hill dropping by 7% to £1.81 and GVC Holdings falling by 7% to £8.66.

This follows a report from the APPG last November, which called for online stakes to be reduced to be in line with land-based fixed-odds betting terminals, which were cut to £2 last April.

A spokesperson for the Gambling Commission said: “We said last October we would be looking at online stake limits as part of our ongoing work to reduce the risks of gambling related harm.

“This work is in addition to us focusing on VIP practices, advertising technology and game design. We will publish our assessment and next steps for online stakes and further protections later this year.”